U.S. equities ended the Feb. 4–8 trading week down with the Dow Jones Industrial Average slipping 0.1% or 16.82 points to 13,992.97, putting an end to five weeks of gains.
The S&P 500 Index rose 0.3% or 4.76 points to 1,517.93. The tech-heavy Nasdaq Composite Index advanced 0.5% or 14.77 points to 1,667.20. The Philadelphia Gold and Silver Index edged down half a point to 152.43, while the spot price for gold fell US40¢ per oz. to US$1,667.20.
Platinum Group Metals was the week’s biggest percentage gainer, climbing 23% to $1.45 on an updated resource estimate at the Waterberg joint-venture property, located in South Africa’s Bushveld complex.
The total inferred resource contains 10 million oz. platinum, palladium and gold in 92 million tonnes, marking a 51% expansion over the deposit’s initial 2012 estimate.
The Vancouver-based junior is currently focusing on Waterberg’s up-dip potential and has bulked up the drills on the property from 10 to 15 rigs. The deposit remains open along strike and up-dip. Waterberg is held 49.9% by Platinum Group, 37% by Japan’s JOGMEC and 13.1% by a black empowerment group.
Fortuna Silver Mines added 8% to end at US$4.56 after buying 55% of the Taviche Oeste concession for US$4 million in cash from a subsidiary of Pan American Silver. The 62-sq.-km concession surrounds the company’s San Jose silver mine in Oaxaca, Mexico, and once a production decision is made, Fortuna will buy the remaining 45% for another US$6 million.
Fortuna also reported exploration drill results at San Jose where it’s testing the extensions of the Trinidad ore shoot to the north and to depth beyond the limits of the existing resource. The best intercept returned 427 grams silver and 2.77 grams gold over an estimated true width of 12.3 metres, providing potential to expand the current resource. With the Taviche Oeste acquisition completed, Fortuna plans to continue exploring the boundaries of the Trinidad deposit.
Arch Coal was the week’s biggest loser and most actively traded stock, tumbling 18.4% or US$1.30 to US$5.75 on 92.3 million shares traded after posting an adjusted net loss of US$89 million or US42¢ per diluted share for the fourth quarter, below the Street’s expectation of negative US15¢ per share. For the full-year of 2012, Arch reported an adjusted net loss of US$77 million, compared to an adjusted net income of US$205.2 million in 2011.
© 1915 - 2015 The Northern Miner. All Rights Reserved.